Today the price of Brent crude oil consolidated above the psychologically important level of $48 per barrel. The instrument is supported by calls from the biggest exporters to freeze production levels. The decision could be made at the nearest meeting of OPEC members in the end of September. In addition, the instrument is substantially supported by weakening in the US Dollar amid poor macroeconomic statistics from the country.
Today extra attention needs to be paid to data on the Consumer Price Index and Industrial Production in the US that could significantly affect further dynamics in the Dollar.
On the 4-hour chart, the instrument is trading in the upper Bollinger band®, while bands are directed up and the price range is narrowing. MACD histogram is in the positive zone and its volumes are growing. Stochastic is about to leave the overbought zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 48.38, 47.99, 47.66, 47.36, 46.92, 46.70.
Resistance levels: 48.80, 49.07, 49.42, 49.86.